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Side-by-side financial comparison of Ulta Beauty (ULTA) and Vistra Corp. (VST). Click either name above to swap in a different company.
Vistra Corp. is the larger business by last-quarter revenue ($4.8B vs $2.9B, roughly 1.7× Ulta Beauty). Ulta Beauty runs the higher net margin — 8.1% vs 4.8%, a 3.2% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 12.9%). Vistra Corp. produced more free cash flow last quarter ($596.0M vs $-81.6M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% CAGR vs 7.2%).
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
ULTA vs VST — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $4.8B |
| Net Profit | $230.9M | $233.0M |
| Gross Margin | 40.4% | — |
| Operating Margin | 10.8% | 9.9% |
| Net Margin | 8.1% | 4.8% |
| Revenue YoY | 12.9% | 31.2% |
| Net Profit YoY | -4.7% | -47.2% |
| EPS (diluted) | $5.14 | $0.55 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.9B | $4.8B | ||
| Q3 25 | $2.8B | $4.8B | ||
| Q2 25 | $2.8B | $3.8B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | $2.5B | $3.7B | ||
| Q3 24 | $2.6B | $4.3B | ||
| Q2 24 | $2.7B | $3.6B | ||
| Q1 24 | $3.6B | $3.2B |
| Q4 25 | $230.9M | $233.0M | ||
| Q3 25 | $260.9M | $652.0M | ||
| Q2 25 | $305.1M | $327.0M | ||
| Q1 25 | — | $-268.0M | ||
| Q4 24 | $242.2M | $441.0M | ||
| Q3 24 | $252.6M | $1.9B | ||
| Q2 24 | $313.1M | $365.0M | ||
| Q1 24 | $394.4M | $-35.0M |
| Q4 25 | 40.4% | — | ||
| Q3 25 | 39.2% | — | ||
| Q2 25 | 39.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 39.7% | — | ||
| Q3 24 | 38.3% | — | ||
| Q2 24 | 39.2% | — | ||
| Q1 24 | 37.7% | — |
| Q4 25 | 10.8% | 9.9% | ||
| Q3 25 | 12.4% | 21.7% | ||
| Q2 25 | 14.1% | 13.7% | ||
| Q1 25 | — | -2.8% | ||
| Q4 24 | 12.6% | 16.4% | ||
| Q3 24 | 12.9% | 59.6% | ||
| Q2 24 | 14.7% | 22.5% | ||
| Q1 24 | 14.5% | 2.7% |
| Q4 25 | 8.1% | 4.8% | ||
| Q3 25 | 9.4% | 13.6% | ||
| Q2 25 | 10.7% | 8.7% | ||
| Q1 25 | — | -6.3% | ||
| Q4 24 | 9.6% | 12.0% | ||
| Q3 24 | 9.9% | 43.5% | ||
| Q2 24 | 11.5% | 10.1% | ||
| Q1 24 | 11.1% | -1.1% |
| Q4 25 | $5.14 | $0.55 | ||
| Q3 25 | $5.78 | $1.75 | ||
| Q2 25 | $6.70 | $0.81 | ||
| Q1 25 | — | $-0.93 | ||
| Q4 24 | $5.14 | $1.09 | ||
| Q3 24 | $5.30 | $5.25 | ||
| Q2 24 | $6.47 | $0.90 | ||
| Q1 24 | $8.06 | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $204.9M | $785.0M |
| Total DebtLower is stronger | — | $15.8B |
| Stockholders' EquityBook value | $2.6B | $5.1B |
| Total Assets | $7.0B | $41.5B |
| Debt / EquityLower = less leverage | — | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $204.9M | $785.0M | ||
| Q3 25 | $242.7M | $602.0M | ||
| Q2 25 | $454.6M | $458.0M | ||
| Q1 25 | — | $561.0M | ||
| Q4 24 | $177.8M | $1.2B | ||
| Q3 24 | $414.0M | $905.0M | ||
| Q2 24 | $524.6M | $1.6B | ||
| Q1 24 | $766.6M | $1.1B |
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
| Q4 25 | $2.6B | $5.1B | ||
| Q3 25 | $2.6B | $5.2B | ||
| Q2 25 | $2.4B | $4.8B | ||
| Q1 25 | — | $4.8B | ||
| Q4 24 | $2.3B | $5.6B | ||
| Q3 24 | $2.3B | $5.4B | ||
| Q2 24 | $2.3B | $5.6B | ||
| Q1 24 | $2.3B | $5.7B |
| Q4 25 | $7.0B | $41.5B | ||
| Q3 25 | $6.6B | $38.0B | ||
| Q2 25 | $6.0B | $38.1B | ||
| Q1 25 | — | $38.2B | ||
| Q4 24 | $6.0B | $37.8B | ||
| Q3 24 | $5.7B | $37.9B | ||
| Q2 24 | $5.6B | $39.1B | ||
| Q1 24 | $5.7B | $38.2B |
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.6M | $1.4B |
| Free Cash FlowOCF − Capex | $-81.6M | $596.0M |
| FCF MarginFCF / Revenue | -2.9% | 12.4% |
| Capex IntensityCapex / Revenue | 3.1% | 17.4% |
| Cash ConversionOCF / Net Profit | 0.02× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $-92.2M | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | $1.4B | ||
| Q3 25 | $96.5M | $1.5B | ||
| Q2 25 | $220.0M | $572.0M | ||
| Q1 25 | — | $599.0M | ||
| Q4 24 | $-56.8M | $1.4B | ||
| Q3 24 | $199.5M | $1.7B | ||
| Q2 24 | $159.3M | $1.2B | ||
| Q1 24 | $1.1B | $312.0M |
| Q4 25 | $-81.6M | $596.0M | ||
| Q3 25 | $19.6M | $1.0B | ||
| Q2 25 | $141.0M | $-118.0M | ||
| Q1 25 | — | $-169.0M | ||
| Q4 24 | $-171.1M | $923.0M | ||
| Q3 24 | $104.3M | $1.0B | ||
| Q2 24 | $68.3M | $698.0M | ||
| Q1 24 | $994.0M | $-153.0M |
| Q4 25 | -2.9% | 12.4% | ||
| Q3 25 | 0.7% | 21.1% | ||
| Q2 25 | 4.9% | -3.1% | ||
| Q1 25 | — | -4.0% | ||
| Q4 24 | -6.8% | 25.2% | ||
| Q3 24 | 4.1% | 23.4% | ||
| Q2 24 | 2.5% | 19.4% | ||
| Q1 24 | 28.0% | -4.8% |
| Q4 25 | 3.1% | 17.4% | ||
| Q3 25 | 2.8% | 9.6% | ||
| Q2 25 | 2.8% | 18.4% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | 4.5% | 11.7% | ||
| Q3 24 | 3.7% | 15.8% | ||
| Q2 24 | 3.3% | 13.8% | ||
| Q1 24 | 3.5% | 14.7% |
| Q4 25 | 0.02× | 6.15× | ||
| Q3 25 | 0.37× | 2.25× | ||
| Q2 25 | 0.72× | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.23× | 3.07× | ||
| Q3 24 | 0.79× | 0.90× | ||
| Q2 24 | 0.51× | 3.28× | ||
| Q1 24 | 2.84× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ULTA
Segment breakdown not available.
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
